Bank of Maldives to Ease Foreign Currency Card Limits by Month-End

The Bank of Maldives (BML) has announced that it will ease restrictions on foreign card transactions before the end of this month, providing much-needed relief for customers utilizing overseas e-commerce and online services. These restrictions were first implemented last month as the bank struggled to manage a surge in demand for US dollars that significantly exceeded the available supply. The move to relax these limits comes as BML adjusts its current policies to better accommodate customer needs. An official from the bank confirmed that adjustments are currently underway to implement positive changes for cardholders. The bank is also collaborating closely with the Maldives Monetary Authority (MMA) to secure greater access to foreign currency, ensuring that essential customer requirements are met. Currently, BML maintains some of the most generous transaction limits in the local banking sector. This includes a monthly cap of USD 1,000 for point-of-sale (POS) transactions made abroad, and a higher limit of USD 3,000 for critical expenses such as airline tickets, hotel bookings, and hospital payments. The bank continues to provide additional tailored support for those requiring funds for education and medical treatments. Recent financial data highlights the scale of foreign currency demand. According to BML statistics, dollar sales surged to USD 345 million during the first five months of the year. Of this total, USD 198 million was driven by card transactions, while sales to businesses reached USD 147 million. This represents an average monthly business sale of USD 69 million, marking a 47 percent increase compared to the same period last year. The upcoming policy shift aims to balance this growing demand with the operational stability of the Maldives' largest bank.